Asian markets were up big overnight and European markets are making more modest gains. No economic reports are due to be released today. It could be a slow day today as traders mull over Friday's jobs report and the subsequent market reaction. Tomorrow Janet Yellen will deliver her first ever semi anual monetary-policy testimony. A lot will be riding on what she says. The markets have had a shaky start to the year and will be looking for some comforting words from Big Mama. Trade strong.
The S&P had a good day Friday, closing up +26.90 to settle at 1793.50. The index had its first week in positive territory after three consecutive down weeks. Traders shrugged off Fridays worse than expected jobs data, apparently deciding this would be the perfect opportunity for Big Mama to step in and delay anymore Fed stimulus cuts for awhile. The Nasdaq led the day up 1.7% and the Dow Jones Industrial Average followed suit up 1.1%.